Dangote Refinery Cuts Fuel Prices Driving Nigerian Retail Reductions

The Dangote Petroleum Refinery reduced ex-depot prices for petrol and diesel nationwide on August 5, 2026. Petrol prices dropped by ₦50 per litre, from ₦1,215 to ₦1,165, while diesel prices fell by ₦80 per litre, from ₦1,650 to ₦1,570. The refinery stated the review aims to enhance energy affordability and support Nigerian economic activities.

This move follows an earlier pricing trend where the refinery's ₦1,215-per-litre gantry price pressured other depot owners to lower their rates. On August 4, filling stations operated by the Nigerian National Petroleum Company Limited and MRS reduced pump prices in Abuja by ₦36 to ₦40 per litre, setting new rates between ₦1,265 and ₦1,299 per litre.

Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, attributed these retail declines to falling landing costs. He noted that more filling stations are expected to review prices downward as retailers strive to remain competitive. The downward trend is further supported by global crude benchmarks, with Brent crude trading at $78 per barrel and West Texas Intermediate at $75 per barrel.